Ripple: Spark token airdrop will foster adoption and push XRP price up

  • Ripple CEO Brad Garlinghouse supports the launch of the Spark token as a driver of XRP as part of a global liquidity platform.
  • CEX.io exchange joins half a hundred platforms that enable Spark token airdrop for their users.

Brad Garlinghouse, Ripple‘s CEO, participated in a recent interview with CNN. One of the central topics was the company’s progress in its partnerships. Specifically, Garlinghouse spoke about the Flare Networks project.

Supported by Ripple’s investment arm, Xpring, the project aims to increase Ripple’s interoperability and the number of XRP use cases. Thus, Flare Network will implement the Turing Complete Federated Byzantine Agreement (FBA) protocol. Garlinghouse had this to say about the possibilities of Flare Networks:

This is a very exciting startup. They’re doing some very interesting stuff with something called the Spark token. But it is really distinct from what Ripple is doing. To me, it’s just a further example of people’s recognition that XRP is such an efficient digital asset and as you and I have talked about, utility will drive the long-term value of any digital asset.

Seeing a company like Flare Networks and seeing them use the XRP network in various ways is an opportunity to go forward, but it doesn’t affect RippleNet customers and how we are using ODL (On-Demand Liquidity) for our customers.

In addition, Flare’s network will allow smart contracts to be implemented using Ethereum’s virtual machine. Flare will use the XRP address and its encryption system so that there is a “near perfect” interaction between the decentralized protocols on the network. Ripple’s CEO added the following:

I think XRP holders are deservedly excited about what Flare is doing. I’m excited about what Flare is doing. As we’ve said, any time you’re seeing real utility solving a real problem – and I think Flare has carved out an interesting niche and as they move forward with this airdrop of Spark tokens I’m optimistic for them. I’ve met the management team there. I think they’re very talented and I think they have a clear vision of the problem they’re going to solve.

As reported by CNF, Garlinghouse also refused to confirm or deny whether payment giant Western Union is a Ripple client. Instead, Garlinghouse evaded the question by stating that they have a policy of revealing the identities of their customers when the latters comfortable. The response from Ripple’s CEO has caused hype in the XRP community.

Over 50 exchanges support Spark’s token airdrop

One event that has also caused excitement is the airdrop of the Flare Networks token, Spark (FLR). On December 12, a snapshot will be taken of the accounts that will receive the new token at a 1 to 1 ratio with their funds on XRP. Flare has reported a significant share of XRP holders with 24,261 accounts having completed the process to redeem the Spark token with 1.5 billion XRP in balance.

Since the announcement of the token distribution, about 50 platforms have shown support. Among these are some important names such as Poloniex, Uphold, NDAX, bitrue, GateHub, AnchorU$D, btcmarkets, CoinSpot. Ledger, Xumm and Exodus wallets, among others, will also support airdrop.

Recently the UK-based exchange CEX.io announced that its users will be able to receive the Spark token. The platform joins at least 3 others that have announced support in the last 24 hours. As announced by Flare, they have reached an agreement with 12 Japanese exchanges to enable the distribution of the token to XRP holders in the region.

About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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